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The majority of homes around the country are purchased with the aid of traditional, conforming mortgage loans. Yet when home prices rise quickly, many markets have price tags that are too high for these standard loans. Enter the jumbo loan.
What is a Jumbo Loan?
Jumbo mortgage loans are those that have a higher dollar amount than the limits set by Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy up home loans and sell them on the secondary market. Since Fannie and Freddie are backed by the federal government, they create loan limits to minimize the risk of loss t...

The majority of American home buyers sign up for 30-year fixed-rate mortgages (FRMs) – the staples of mortgage lending. And yet there is another option that may serve many borrowers better: the 15-year fixed-rate mortgage. Both loans include an interest rate that does not change over the course of the loan but one is paid off twice as fast as the other. Both can be financially savvy in certain situations.
Payments
If you are looking for the lowest monthly payment, a 30-year FRM beats the 15-year. That is because the loan principal balance is paid off twice as slowly than the 15-yea...

In the past decade, reverse mortgages have gained a lot of traction as a retirement tool. And yet, many people still do not understand reverse mortgages or their purpose. If you are one of those people, here’s what you need to know:
What Is It?
A reverse mortgage is a loan that allows borrowers to pull equity out of their home without having to make monthly repayments. While there are some risks and downsides, reverse mortgages can be a helpful financial strategy for some retirees.
How Does It Work?
After being approved, the borrower gets either a lump sum from the bank or mo...

The amount of available home equity has recently hit all-time highs, meaning now is a great time to tap into your home’s value with a home equity line of credit (HELOC). These are revolving accounts that allow you to draw out money for anything from home improvement to college tuition to debt consolidation. Of course, just like with your primary mortgage, finding the best rate on a HELOC is essential. Here are some tips for scoring a great interest rate:
Check Your Equity
The more equity you have in your home, the better your odds are of being approved and offered a good rate. Yo...

Mortgage lenders love to see borrowers with consistent, steady incomes. But not all borrowers have jobs that send a paycheck every two weeks. Of course there are plenty of self-employed entrepreneurs, but there are also people who are depend on tips for income, those who get paid by contract and also individuals who work per diem or on call. All of these situations can make it very challenging to provide proof of the steady income that mortgage lenders adore.
Fortunately, those with more creative incomes can still qualify for a home loan and it is getting easier. For example, in recen...

Americans owe more today in student loans than ever before and student debt is continuing to rise. As these borrowers start into their careers and become homeowners, they may have the opportunity to consolidate their student loan debts with their home loan. If this sounds intriguing to you, here’s what you need to know before talking to your lender:
How Does Consolidation Work?
If you have enough equity in your home, you can refinance to pull cash out and pay off all your student loans. This means that both debts will now all be paid off together through your monthly mortgage bill....